Articles of Interest

The Economist (November 28, 2015)

“Clear thinking needed”

The climate is changing because of previous inventions like the steam turbine and the internal combustion engine. However, global warming cannot be dealt with using today’s tools and mindsets. The new research agenda needs to tackle the deficiencies of renewables as well as needs radical innovation as a key to reducing emissions over the medium and long term. That is why the best way to cope with climate change is to keep inventing, even though the effects on climate change will not be immediate.

 

The Wall Street Journal (November 30, 2015)

“Carbon-Tax Debate Brings Together Unusual Allies” by Sarah Kent & Justin Scheck

Several big oil companies have fallen into unlikely alignment with environmental groups calling for new taxes on air polluters like coal-burning power plants. One key reason is that these taxes are probably good for their natural-gas businesses. As a result, a so-called carbon tax, which would force companies to pay for their emissions and likely increase oil producers’ costs, also would increase demand for natural gas, an increasingly significant part of their output. The companies are part of a collection of business interests, environmental activists and economists that have urged negotiators meeting at the climate talks in Paris to consider potential carbon pricing policies as a tool to curb emissions.

 

The New York Times (December 2, 2015)

“What You Can Do About Climate Change” by Josh Katz & Jennifer Daniel

Global climate change is a complicated topic and any long-term solution will require profound changes in how we generate energy. Nevertheless, at the same time, there are everyday things that people can do to reduce their personal contribution to a warming planet. Seven simple guidelines on how people’s choices today affect the climate tomorrow are presented in this article.

 

The New York Times (December 2, 2015)

“With Coal Industry Under Pressure, Some See Long-Term Decline” by John Schwartz

According to the International Energy Agency, coal use peaked eight years ago among the group of industrialized nations and the phasing out of inefficient coal-fired power plants is one of the biggest, most cost-effective ways to reduce greenhouse gas emissions. Especially the rise of cheap alternatives like natural gas, as well as wind and solar power, has had a great effect on coal’s fortunes.Plummeting coal prices and business decisions by the companies to take on debt have also weighed down the industry. In addition, campaigns by activistshave helped to reduce the number of coal-burning plants in the United States. That is why coal is in trouble, and that could be good news for a warming world.

The Financial Times (December 2, 2015)

“COP21 Paris climate talks: India offers to cut coal use” by Pilita Clark & James Wilson

India, one of the world’s largest coal users, offered to cut its coal use. It will cut back on its investments in the fuel if the new climate deal due to be struck in Paris delivers more money to help. According to officials, solar power, hydro, nuclear, and other non-carbon sources are what India will develop to the largest extent they can, on condition that it is affordable.

Solar Tour Battery Park Report

NGO Sustainability, in its effort to promote the use of renewable energy, organized a Solar Tour in Battery Park, New York City. The architects who planned Battery Park used many innovative and unusual approaches in integrating solar energy into the facades and rooftops of the buildings. For example, entrance canapés have solar panels. Also, the façade and side of The Solaire Building has solar panels integrated into beautiful blue glass. In addition, there are features such as recycled wastewater, solar tracking, rain gathering, green roofs, and highly efficient other sources of energy for heating and cooling. All these features were explained by the leading solar installer responsible for much of the work at Battery Park City, Anthony Pereira, Board Member of NGO Sustainability.

Bank of America Green Initiative

Press Release
Sept. 16, 2010, 8:30 a.m. EDT · Recommend · Post:
Bank of America Ahead of Plan on 10-Year, $20 Billion Environmental Business Initiative
Environmental Progress Report Details $8.4 Billion Directed toward Addressing Climate Change

CHARLOTTE, Sep 16, 2010 (BUSINESS WIRE) — In a report issued today, Bank of America announced it is ahead of schedule on its 10-year, $20 billion business initiative focused on addressing climate change, launched in 2007. Through June 2010, Bank of America has directed $8.4 billion through lending, investing, capital markets activity, philanthropy and the company’s own operations. Details can be found in Bank of America’s 2010 Environmental Progress Report at www.bankofamerica.com/environment.
“One way Bank of America helps set opportunity in motion for clients and communities is by financing renewable and energy efficiency technologies and projects that reduce greenhouse gas emissions,” said Anne M. Finucane, Global Strategy and Marketing officer and chair of Bank of America’s Environmental Council. “As an organization, we believe we can help address climate change and spur economic recovery by creating new businesses, technologies and jobs. Even in this challenging economy, the momentum we’re seeing demonstrates that strong demand for capital, service and expertise in this sector continues to present a compelling business opportunity.”
The $20 billion environmental business initiative is comprised of hundreds of transactions in 45 states, the District of Columbia, Canada and markets across Asia and Europe. The 2010 report provides an update on the company’s progress toward its environmental goals, commitments and activities including:
— $2.8 billion in commercial real estate banking, financing projects relating to LEED(R) (Leadership in Energy and Environmental Design) certification, ENERGY STAR, brownfield redevelopment and the use of renewable energy tax credits.
— $2.8 billion in equity and debt capital raised to help facilitate clients’ climate change initiatives.
— $2.2 billion in equipment financing for energy efficiency projects and renewable energy projects in solar, wind, biomass and biofuel technologies for both utilities and end users.
— $265 million in private equity investments for innovative companies addressing climate change issues.
— $233 million invested in corporate workplace energy and resource efficiency initiatives for Bank of America facilities and LEED certification for all new construction office facilities and banking centers.
— $102 million in transactions that have financed emission reductions in the global carbon markets.
— $21 million in philanthropic support for nonprofit organizations focused on addressing climate change and other environmental opportunities.
In addition, Bank of America Merrill Lynch has provided industry-leading advice to clients on more than $2 billion in low-carbon energy and clean energy mergers, acquisitions and other financial transactions on behalf of both large and small renewable energy companies.
The company also has taken measurable actions to reduce and report on the environmental impact of its own operations. Notably, as a member of the EPA Climate Leaders program, the bank reduced its absolute greenhouse gas emissions by 18 percent over its 2004 benchmark, doubling a goal set five years ago.
Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (BAC 13.51, -0.04, -0.30%) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
www.bankofamerica.com
SOURCE: Bank of America
Reporters May Contact:
Britney Sheehan, Bank of America, 1.206.358.7563
britney.w.sheehan@bankofamerica.com